Quantum Capital, Inc. - QTCI - Reports Quarterly Financial Performance for the Six -Month Ending December 31, 2022.
Quantum Capital Inc (QTCI) reported its financial results for the six months ending December 31, 2022, highlighting a significant decline in revenue and gross profit compared to the previous year. Revenues fell to $456,274 from $768,729, while gross profit decreased to $365,973 from $672,687, primarily due to the sale of subsidiaries. The company also reported reduced total assets and increased total liabilities. Despite these setbacks, management expressed optimism for improving cash flow and profitability in the upcoming quarter, supported by ongoing cost reduction initiatives and strategic growth plans, including expansion into new markets.
- Management expects to be cash flow positive and profitable in the current financial quarter.
- Cost reduction initiatives are starting to yield positive results.
- Revenue decreased by 40.5% from $768,729 to $456,274.
- Gross profit dropped by 45.5% from $672,687 to $365,973.
- Total assets decreased from $285,667 to $123,714.
- Total liabilities increased from $485,329 to $581,204.
Las Vegas, Nevada, USA, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Quantum Capital Inc QTCI (OTC PINK: QTCI). Quantum Capital, Inc., a fintech and services company that owns, operates, and is expanding a financial intermediary lending platform, on 7 February reported financial results for the six-month ended December 31, 2022.
Business Highlights Within the Six-Month ended December 31, 2022:
Mr. Sakib Manzoor, President and CEO said, “We recorded a decrease in both the revenue and gross profit for the period ended December 31, 2022 compared to same period last year, mainly due to the sale of subsidiaries of Edunation Pty Ltd and education business.”
Six-month Ending December 31, 2022, Financial Results:
| Six Months Ended December 31, | ||||||||
| 2022 | 2021 | |||||||
| Revenues | $ | 456,274 | $ | 768,729 | ||||
| Gross Profit | $ | 365,973 | $ | 672,687 | ||||
Balance Sheet Results
| December 31, 2022 | June 30, 2022 | |||||||
| Cash | $ | 56,406 | $ | 238,042 | ||||
| Total Assets | $ | 123,714 | $ | 285,667 | ||||
| Total Liabilities | $ | 581,204 | $ | 485,329 | ||||
| Total Stockholders’ Equity | $ | (457,490 | ) | $ | (199,662 | ) |
Mr. Sakib Manzoor added, “While our quarterly performance reflects a decreased total asset portfolio, our cost reduction initiatives has started to yield results and we expect improved performance for quarter ending March 31, 2023.”
Key Strategies for Growth
During next 5 years Quantum Capital Inc aims to achieve the following key strategic objectives:
- Complete the development of our technology platform to be fully compliant in new jurisdictions that we plan to expand into, namely New Zealand, USA, Canada and the UK. The current platform is able to function within Australian legal framework.
- Expand in new markets starting with New Zealand and the USA markets as phase one of the expansion during 2023. Canada and the UK will be phase two of expansion plan.
- Grow the loan book from USD 0.37B to 2B within next 24 months by acquiring loan books and business acquisitions. The company simultaneously aims to increase the number of full-time employed brokers from current 4 to 10 during the next 24 months period.
- White label the mortgage product with a tier one partner to improve branding, customer experience and gross margins upon achieving a loan book value of USD 1B.
- License or franchise the Loan Base platform of new brokers to one broker operations in all jurisdictions we operate.
All these activities are currently underway, and the company shall communicate the progress of execution of each of the above strategic objectives.
Mr. Manpreet Singh, CFO of Quantum Capital, Inc. said, “the cost reductions initiatives undertaken during the quarter ended December 31, 2022 have started to deliver results and we forecast to be cashflow positive and profitable during the current financial quarter.”
About Quantum Capital Inc – QTCI
Quantum Capital Inc is a Nevada, USA public Trading Company under the symbol QTCI. Incorporated as Stone Harbor Investments, Inc on 13 February 2011, the company changed its name to LTS Nutraceuticals, Inc on May 13, 2013.
The Company ceased all operations in June 2017 and in May 2018, the Company underwent a change of control and changed its name to Quantum Capital, Inc. Between March 2021 and February 2022, the Company ventured in vocational education in Australia.
On June 30, 2022, the company sold its vocational education business and acquired Loan Base Pty Ltd and decided to focus on becoming a global fintech player by owning, operating, and growing financial intermediary lending platform.
Quantum Capital Inc wholly owns Loan Base Pty Ltd, an Australian company with the mission of providing our clients with personalized lending solutions that achieve their goals through its premium, online, exclusive, convenient, and tailored lending solutions intermediary platform.
Loan Base is licensed by Australian Securities & Investment Commission (ASIC) to provide lending services and since the start of its operations in 2019, the company has successfully built a loan book portfolio of about US
For more information visit www.qtci.net
SAFE HARBOR
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933, are subject to Rule 3b-6 under the Securities Exchange Act of 1934 and are subject to the safe harbors created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and other results and further events could differ materially from those anticipated in such statements. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements.
Contact Information:
Phone - 9809200484
Email - ir@qtci.net
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